SEBI Proposes Wider Use Of Mutual Fund Intraday Borrowings Beyond Redemption Payout Needs

The Securities and Exchange Board of India (SEBI) has proposed recognising intraday borrowing facilities used by mutual funds as a cash management tool. If approved, this would allow mutual funds to use such borrowing lines beyond meeting redemption payout timing mismatches, including for trade settlements, forex settlements and derivative obligations. SEBI said the carve-out for intraday borrowings in the SEBI (Mutual Funds) Regulations, 2026 was enabled after representations from the...

SEBI Orders Former Religare Chair Rashmi Saluja To Disgorge ₹1.99 Crore In Insider Trading Case

The Securities and Exchange Board of India (SEBI) on Wednesday directed former Religare Enterprises Limited (REL) executive chairperson Rashmi Saluja to disgorge ₹1.99 crore for insider trading in REL shares linked to the Burman Group's open offer. It has also imposed a ₹40 lakh monetary penalty on her. SEBI Whole Time Member Kamlesh C Varshney passed the order, holding that Saluja sold REL shares while in possession of unpublished price-sensitive information (UPSI) relating to the Burman...

SEBI Proposes Higher Client Position Limits For Agricultural Commodity Derivatives

The Securities and Exchange Board of India (SEBI) has proposed increasing client position limits for agricultural commodity derivatives while revising the penalty framework for breaches of those limits. Position limits cap the number of contracts a trader can hold in a commodity at any given time. SEBI said these limits are meant to curb excessive speculation, prevent concentration of positions in the hands of a few participants, and reduce systemic risk. At present, agricultural commodities...

SEBI Proposes Phased Physical Settlement For Select Agricultural Commodity Derivatives Contracts

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a phased introduction of physical settlement for select agricultural commodity derivatives contracts. Under the proposal, certain delivery-based agricultural commodity contracts could begin trading as financially settled instruments, with a mandatory shift to physical settlement once predefined thresholds are met. SEBI has sought stakeholder comments on the proposed pilot framework, which is aimed at...

SEBI Penalises Kishore, Rakesh Biyani, Ex-Future Retail CFO ₹50 Lakh Over Disclosure Lapses

The Securities and Exchange Board of India (SEBI) on Tuesday imposed a consolidated penalty of ₹50 lakh on Future Retail founder Kishore Biyani, former managing director Rakesh Biyani, and the company's former chief financial officer C.P. Toshniwal for disclosure violations relating to related party transactions involving the company. SEBI's Quasi Judicial Authority Santosh Shukla passed the order. The proceedings concern alleged securities law violations by promoters of Future Retail Limited...

BofA Securities Settles SEBI Case On Payment Of ₹58.50 Lakh Over Insider Trading Compliance Lapses

The Securities and Exchange Board of India (SEBI) has closed adjudication proceedings against BofA Securities India Limited, the Indian securities arm of Bank of America. The company paid ₹58.50 lakh to settle allegations that, in its role as a merchant banker, it failed to maintain a Structured Digital Database required under insider trading regulations. In the settlement order, SEBI Adjudicating Officer Amit Kapoor said: “...in view of the acceptance of the settlement terms and the receipt of...

SEBI Proposes Allowing Depositories To Use Up To 5% Of IPF Investment Income For Administrative Expenses

The Securities and Exchange Board of India (SEBI) has floated a consultation paper proposing to allow depositories to use up to 5% of the annual interest or income earned from investments of their Investor Protection Fund (IPF) corpus to meet expenses related to the IPF Trust. The move would align the framework applicable to depositories with that currently applicable to stock exchanges. SEBI noted that stock exchanges are currently permitted to utilise up to 5% of the interest or income...

SEBI Proposes “GARUDA” Fast-Track Framework To Cut AIF Launch Timeline To 10 Days

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a new fast-track mechanism titled “Green-Channel: AIF Rollout Upon Document Acknowledgement” (GARUDA) for processing Placement Memorandums (PPMs) filed by Alternative Investment Funds (AIFs). SEBI noted that the AIF industry has been growing rapidly and that the inflow of applications for registration and scheme launches has increased significantly. The proposals aim to facilitate faster and more...

SEBI Proposes Scrapping Mandatory Merchant Banker Requirement For Buy-Backs; Seeks Public Comments

The Securities and Exchange Board of India (SEBI) has proposed dispensing with the mandatory requirement of appointing merchant bankers for buy-backs, as part of a wider review and rationalisation of the SEBI (Buy-Back of Securities) Regulations, 2018. The proposals also include changes relating to shareholder intimation, promoter participation, minimum public shareholding compliance, interval between buy-backs, and open market buy-backs through stock exchanges. SEBI said it had earlier...

SEBI Eases Norm For Educational Use Of Market Price Data, Cuts Lag To 30 Days From 3 Months

The Securities and Exchange Board of India (SEBI) has issued a circular revising norms governing the sharing and usage of market price data for educational purposes, prescribing a uniform 30-day lag for both sharing and usage of such data. SEBI had earlier issued circulars dated May 24, 2024 and January 29, 2025 regulating the sharing and use of real-time market price data by Market Infrastructure Institutions (MIIs) and intermediaries. While the 2024 circular permitted sharing of such data...

“Structurally Redundant”: SEBI Discontinues IRRA Trading Access Platform Nearly Two Years After Introduction

The Securities and Exchange Board of India (SEBI) on Thursday discontinued the Investor Risk Reduction Access (IRRA) platform, an alternative trading access mechanism introduced for stock brokers to handle disruptions in trading services. SEBI said stock exchanges had informed it that the IRRA platform had become “structurally redundant”. The regulator said the platform had not been accessed by stock brokers since inception because of robust regulatory measures, technological innovations and...

Four Entities Settle Indiabulls Real Estate Fund Diversion Case With SEBI For ₹10.49 Crore

Four entities have settled proceedings initiated by the Securities and Exchange Board of India (SEBI) arising out of alleged diversion and siphoning of funds from Indiabulls Real Estate Limited (IBREL) through conduit entities. The entities collectively paid ₹10.49 crore towards settlement. SEBI's Quasi Judicial Authority N Murugan passing the settlement order, noted, "...In exercise of the powers conferred under Section 15JB read with Section 19 of the SEBI Act and in terms of Regulations...